Venezuelan GDP drop is lower than other countries of the region and Europe


Caracas, Aug 20.- The Venezuelan Gross Domestic Product only dropped 1.0% during the first semester of 2009. However, such result is really low when it is compared with the reports of other bigger and more industrialized countries around the world.

For instance, according to the expectations made by the Mexican newspaper “El Economista” (The Economist), the GDP could fall in that country between 10 and 11 percent.

The analysts interviewed by the newspaper explained it as part of the effects the global financial crisis has on diverse economic systems. The Mexican manufacture is one of the most affected industries due to its close links with the United States automobile sector.

Likewise, another element mentioned by them as a cause for such drop is the sanitarian measure adopted to control the AH1N1 outbreak.

Moreover, the Mexican newspaper points out that the GDP of Spain, Italy and Japan dropped 4.1, 6.0 and 6.5 in the last twelve months, respectively.

Doubtless, the realities in other countries make clear that the Venezuelan economic system remains strong and well grounded. According to the information given by the Minister of People’s Power for Finances, Ali Rodriguez Araque, after 22 trimesters of growth in a row, and after more than a year since the effects of the global financial crisis began, the Venezuelan GDP had a minimal contraction compared with “more developed” countries.

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